Canada eases some rules around foreign homebuyers ban
Read more:The Prohibition on the Purchase of Residential Property by Non-Canadians Act was passed by Parliament in June 2022 and came into force on the first day of 2023.
Under that law, non-citizens, non-permanent residents, and foreign commercial enterprises were blocked from purchasing Canadian homes — with some exceptions for international students and temporary residents. Those who violate the ban face a $10,000 fine and may have to sell the offending property. The amendments will now allow some non-Canadians to purchase residential property in certain circumstances in order to help add to Canada’s housing supply, according to a statement from the ministry of housing.Effective immediately, work permit holders or those authorized to work in Canada can now purchase a home to live in while working in the country.
There will also now be an exception to allow non-Canadians, as well as publicly traded entities formed in Canada but controlled by a non-Canadian, to purchase residential property for the purpose of development. In addition, the government will consider a privately-held corporation or entity to be foreign if a non-Canadian owns up to 10 per cent of its equity, up from three per cent.“These amendments will allow newcomers to put down roots in Canada through home ownership and businesses to create jobs and build homes by adding to the housing supply in Canadian cities,” Housing Minister Ahmed Hussen said in a statement in CMHC’s release.
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